Rightmove latest House Price Index

Rightmove have just published their latest House Price Index, it can be seen here.

It reported that asking prices edged higher by an average of £1,950 this month.

Although new asking prices typically rise at this time of the year, the property portal says October’s 0.5% rise is the smallest increase it has seen in October since 2008.

Based on the last 20 years, the average increase seen at this time of year is 1.4%.

The number of sales agreed is 17% below this time last year as buyers adopt a ‘wait and see’ approach, according to Rightmove.

The average asking price for new October listings on Rightmove is £368,231. But his figure may be significantly higher than what homes are ultimately selling for.

Rightmove says that looking back at all homes advertised across its site since the start of the year, a total of 37% of all listings have had their asking price reduced.

Tim Bannister, Rightmove’s director of property science, said: “New seller asking prices have seen a rise, as they usually do at this time of year following the summer holiday season. While this year’s much more subdued rise indicates that some new sellers are gradually heeding their agents’ advice to price competitively, agents report that other sellers still need to adjust their expectations on the price that they are likely to achieve in the current post-pandemic/

“In a market that agents describe as the most price-sensitive ever, buyers are likely to be on the look-out for homes that they feel represent excellent value, and to attract one of these motivated buyers, sellers need to price right first time. If similar nearby properties for sale appear overpriced, serious sellers have an opportunity to stand out from the crowd with a more competitive price and attract immediate buyer interest that our research shows significantly increases the likelihood of finding a buyer.”

Commenting on the report, Tom Bill, head of UK residential research at Knight Frank, said: “The seasonal autumn bounce has been barely detectable this year in the UK housing market.

“Mortgage rates are stabilising but recent comments from Bank of England Governor Andrew Bailey about the difficult “last mile” to tame inflation show why buyers and sellers are still hesitant.

“House prices will continue to come under pressure but we think most of the correction will happen this year and demand will improve in 2024 as inflation comes under control. The General Election may limit activity levels but modest single-digit annual growth should return from 2025.”

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